You and two partners start a company.However,your partners play no role in running the company.You spend all your time managing the business.The time that you could have spent working for someone else and earning wages instead of running the business is your:

Question

​You and two partners start a company.However,your partners play no role in running the company.You spend all your time managing the business.The time that you could have spent working for someone else and earning wages instead of running the business is your:

Quizplus · Accepted Answer

The cost of not working for someone else and earning wages instead of running the business is the opportunity cost, as it represents the opportunities foregone by choosing to run the business. Explicit cost refers to the cost of resources that are purchased or owned, marginal cost refers to the cost of producing an additional unit, and sunk cost refers to a cost that has already been incurred and cannot be recovered.

​You and Two Partners Start a Company

You and Two Partners Start a Company